Bankruptcy is an effective - way to protect you from your creditors - but drastic. The procedures are governed by federal law and are designed to give you a fresh financial start. In October 2005, the U.S. Congress U.S. revised Bankruptcy Code, which is much more difficult to file for bankruptcy.

Steps

1

Contact a bankruptcy attorney in good standing. Tips on finding a lawyer experienced in bankruptcy include contacting their local bar associations or state references or asking friends or colleagues if they know a trusted lawyer experienced in bankruptcy.

2

Take all your financial documents, including invoices, bank statements, pay stubs for the last six months, copies of mortgages and auto loans and tax returns to his first meeting with his lawyer.

3

Your bankruptcy documents, called a request, you must list every debt you owe. If not published creditors and the Bankruptcy Court finds, you can dismiss your bankruptcy case is over. It is also a federal offense found their bankruptcy documents. Debtors who are guilty of lying on his request may be fined or even sent to jail.

4

Talk about your debts "insured" and "unsafe" with her attorney. Secured debts are mortgages and car as creditors have a security interest in the property until the debt is paid. If the debtor fails to pay the debt, the creditor may claim ownership. Guarantees loans work the same way. Unsecured debts are unsecured debts with goods, like most credit cards or medical bills.

5

Ask your lawyer if any of your debts survive the bankruptcy or be discharged, which means you will not have to pay after your bankruptcy is over. Debts that are very difficult to get discharged from bankruptcy to include delinquent taxes, student loans and child support.

6

Tell your lawyer about all income earned over the past six months. That includes all premiums or payments once you have generated. If not, and the Bankruptcy Court hears his case will be dismissed and that could be charged with perjury. The amount of income have an impact on the chapter of bankruptcy is entitled to file.

7

Depending on the type and amount of your debts, determine if you can and should file for Chapter 7 (also known as liquidation bankruptcy) or Chapter 13 (Adjustment of Debts) request. You can choose Chapter 13 if you earn a regular income and are behind on your secured debts, like your home mortgage, and that Chapter 13 is designed to help you catch up with payments.

8

When your bankruptcy petition is completed and you have reviewed it carefully with your attorney, must sign the petition in many places, the verification of the information is true. After that, your lawyer present your case electronically, ie, in line with the bankruptcy court that oversees the district. If you do not have a lawyer, you need to file for bankruptcy either in person or via U.S. mail with the appropriate bankruptcy court.

9

Your creditors will be notified of the bankruptcy from the Bankruptcy Court sends each of them a document called a Notice of Commencement.

10

One of the main advantages of the filing of any other chapter of bankruptcy is the "automatic stay" takes effect as soon as your application has been submitted. An automatic stay means that creditors must stop all collection efforts after being notified of the bankruptcy.

11

Since it takes some time for the bankruptcy court to send the Notice of Commencement to its creditors, if one calls him on his debt to them after declaring bankruptcy, just give them your bankruptcy case number and the filing date. Doing so gives notice of the filing and notice is what the automatic stay becomes effective.

12

However, among the major changes enacted in the Bankruptcy Code is that if a debtor has a prior bankruptcy dismissed within too close to an hour of their present form could not obtain an automatic stay.

13

When a Chapter 7 bankruptcy is presented, the bankruptcy system assigns someone called an administrator for you. This person represents the interests of the U.S. Bankruptcy Court. Has several responsibilities. Among them is to ensure, in which the debtor, were honored at the completion of your bankruptcy petition and signed it with full knowledge of what he was doing. They also collect and sell assets beyond what the bankruptcy code allows you to keep and then distributes the money collected from sales to its creditors. However, if the manager states that "no asset" case, this means you can keep all your assets and not have to surrender anything to the Bankruptcy Court.

14

Ask your attorney to "exemptions" apply to you. The exceptions are the subsidies to keep some of your assets so you do not have to deliver all the elements that just because you finally went bankrupt. Exemptions differ in each state and some states even have their own exemptions. In these states, the federal exemptions apply.

15

After your bankruptcy, you (and your attorney, if you hired one) must attend a meeting of creditors. Assuming that your audience will not have problems and comply with additional bankruptcy rules that may arise during your case, a bankruptcy judge will issue a discharge.